Core Viewpoint - Shanghai Jahwa announced the resignation of Mr. Deng Minghui from the board of directors and the audit and risk management committee, followed by the appointment of Mr. Xu Hongqing as a new member of the committee, with the term aligned with the current board's tenure [2] Group 1 - Mr. Deng Minghui has resigned from his positions as a director and a member of the audit and risk management committee [2] - The board of directors unanimously approved the appointment of Mr. Xu Hongqing to the audit and risk management committee [2] - Mr. Xu Hongqing's term will be consistent with the current board's term [2]

Core Viewpoint - Lin Qingxuan is advancing its listing process on the Hong Kong Stock Exchange, having updated its prospectus, with CITIC Securities and Huatai International as joint sponsors [1][5] Financial Performance - In the first half of this year, Lin Qingxuan's revenue increased by 98.3% from 530 million RMB in the same period of 2024 to 1.052 billion RMB, while adjusted net profit rose by 117.4% from 92 million RMB to 200 million RMB, nearly matching the total profit for the entire year of 2024 [1][4] Company Background - Established in 2003, Lin Qingxuan focuses on high-end domestic skincare products, particularly anti-wrinkle and firming skincare [3] - The flagship brand "Lin Qingxuan" emphasizes natural ingredients, specifically camellia oil, and has seen its revenue from this product line account for 99.1%, 99.0%, and 99.0% of total revenue in 2022, 2023, and 2024 respectively [3] Product Development - Lin Qingxuan began research on camellia oil skincare products in 2012 and launched its core product, "Camellia Essence Oil," in 2014, which has sold over 45 million bottles since its launch [3] - The company has expanded its product range to include creams, toners, lotions, serums, masks, and sunscreens [3] Market Position - According to Zhi Shi Consulting, Lin Qingxuan ranks first among all high-end domestic skincare brands in China based on retail sales for 2024, positioning itself to become the "first domestic high-end skincare stock" in Hong Kong [4]

Core Points - The National Medical Products Administration announced that 37 batches of cosmetics did not meet regulations, including various products such as shampoos, body washes, hair dyes, masks, sunscreens, and conditioners [1] - Notably, one batch of "Sanmu Zero Wheat Protein Moisturizing Shampoo" was found to have a total bacterial count exceeding the standard by 159 times [1][2] - The majority of non-compliant products were hair dyes, with 18 batches failing inspections, including multiple brands such as "Yingge," "Xiao Silang," and "Moge" [1] - Additionally, 13 batches of skincare and hair care products were flagged, with specific issues in whitening and spot removal products [1] Company Response - The customer service of Sanmu Zero stated that the products have been updated and the latest batches are compliant, with expiration dates extending to 2028 [1][3] - The involved company, Guangdong Dazhuang (Guangzhou) Cosmetics Co., Ltd., did not respond to inquiries as the phone was unanswered [3] - Sanmu Zero is a brand under Guangzhou Qingsiya Biotechnology Co., Ltd., established in 2016, with a registered capital of 100,000 RMB [3]

Core Viewpoint - The National Medical Products Administration announced that 37 batches of non-compliant cosmetics were found, including products from the brand "Duo Wang," which contained the carcinogenic substance "acrylamide" [1][2] Group 1: Product Compliance Issues - A batch of "Duo Wang" baby skincare products was found to contain acrylamide, exceeding the allowed limit of 0.1 mg/kg, with a detected level of 0.31 mg/kg [1] - Acrylamide is classified as a Group 2A carcinogen by the World Health Organization and is listed as a prohibited substance in the 2015 version of the "Cosmetic Safety Technical Specifications" [1] Group 2: Company Response - The customer service of Duo Wang stated that the issue was related to a single batch, which has been fully recalled and destroyed [2] - The company, Shanghai Duo Wang Industrial Co., Ltd., was unreachable for comment when contacted by reporters [2] Group 3: Company Background - Duo Wang was established in 2005 and specializes in functional washing and care products for infants and young children [2] - In 2023, the company upgraded its core formula for special care products, launching a series tailored for infants aged 0-6 years with sensitive skin [2]

天眼查App显示，近日，广州旭辉化妆品有限公司成立，注册资本100万人民币，经营范围为文艺创作; 其他文化艺术经纪代理;市场营销策划;咨询策划服务;组织文化艺术交流活动;企业形象策划;企业管理咨 询;化工产品销售（不含许可类化工产品）;软件外包服务;软件销售;广告设计、代理;技术进出口;货物进 出口;互联网销售（除销售需要许可的商品）;卫生用品和一次性使用医疗用品销售;化妆品零售;化妆品 批发;医学研究和试验发展;信息系统运行维护服务;软件开发;信息系统集成服务;信息技术咨询服务;信息 咨询服务（不含许可类信息咨询服务）;技术服务、技术开发、技术咨询、技术交流、技术转让、技术 推广。 ...

Core Viewpoint - Morgan Stanley has downgraded the sales guidance for Giant Bio (02367) for 2025 from a growth of 25% to flat or slight decline [1] Group 1: Revenue Forecasts - Morgan Stanley has reduced revenue forecasts for Giant Bio for 2025, 2026, and 2027 by 20%, 32%, and 35% respectively [1] - The net profit for 2025 and 2026 is expected to decline by 8% year-on-year, with a rebound of 20% anticipated in 2027 [1] Group 2: Market Conditions - The company initially expected a sales growth of 20% to 30% during Q4 and the Double Eleven shopping festival, but failed to meet these targets due to industry headwinds [1] - Intense price competition for similar products and declining returns on investment from live-streaming sales have led the company to prioritize price stability and profitability, resulting in a sales decline and weakened operating leverage [1] Group 3: Future Strategies - Morgan Stanley anticipates that the company will take various actions to drive sales recovery, including increasing marketing investments to counteract previous controversies and rebuild brand momentum [1] - The company is expected to reduce reliance on live-streaming sales and promotional events like Double Eleven and 618 [1] - A new beauty injection product is set to launch in 2026, which is expected to have a limited initial contribution but confirms that the company's past R&D efforts are still in the early stages of commercialization [1]

Core Insights - The company, Lin Qingxuan, is preparing for its IPO and has reported total revenue exceeding 1 billion RMB in the first half of 2025, indicating strong growth potential in the high-end skincare market [1][3]. Revenue and Growth - Lin Qingxuan's total revenue for the years 2022, 2023, and 2024 was 691.15 million, 805.00 million, and 1.21 billion RMB respectively, with a compound annual growth rate (CAGR) of 32.3% [3][4]. - In the first half of 2025, the company achieved a total revenue of 1.05 billion RMB, representing a year-on-year growth of approximately 98.5% [3][4]. Product Performance - The core product, Camellia Oil, has sold over 45 million bottles since its launch in 2014 and has ranked first in total retail sales among facial oils in China for 11 consecutive years [2][3]. - The contribution of the Camellia Oil to total revenue has increased from 31.5% in 2022 to 45.5% in the first half of 2025, highlighting its growing market competitiveness [4]. Market Position and Expansion - As of June 30, 2025, Lin Qingxuan operates 554 stores nationwide, with over 95% located in shopping malls, making it the leading domestic and international high-end skincare brand by store count in China [2][3]. - The company has diversified its product offerings to include 230 SKUs across various categories such as creams, toners, and sunscreens, aiming to mitigate risks associated with reliance on a single product [5]. Investment and Ownership - The founder, Sun Laichun, holds a 38.21% stake, while other notable investors include Yangtze River Fashion and Wu Xiaobo's fund, indicating strong backing from established investors [5].

Core Viewpoint - DR PLANT, a Chinese cosmetics brand known for its "high mountain plants, pure skin," is set to go public on the Shenzhen Stock Exchange, marking a new phase of capital empowerment for the company [1] Offline Channel as a "Moat" - As of June 2025, DR PLANT has established 4,269 offline stores across various markets, including Japan, Indonesia, Thailand, and Hong Kong, demonstrating its scale advantage and deep understanding of offline channels [2] - The offline stores serve not just as sales points but as core areas for brand experience, user service, and emotional connection, enhancing customer loyalty and word-of-mouth [2] - The brand has ranked second in the beauty and body care sector of the "Top 100 Chain Enterprises in the Service Industry" for two consecutive years and is the top single-brand cosmetics store in China based on 2024 multi-channel retail revenue [2] Research and Innovation Driving Product Strength - Research and innovation are central to DR PLANT's strategy, with a focus on "high mountain plants" and collaboration with authoritative institutions like the Kunming Institute of Botany [3] - The company has established a research framework consisting of one center and five bases, covering all aspects of research and development [3] - As of October 31, 2025, DR PLANT has obtained 223 patents, including 68 invention patents, showcasing its strong R&D capabilities [3] Comprehensive Product Matrix - DR PLANT has successfully launched multiple product lines, including Dendrobium, Centella Asiatica, and others, covering skincare, makeup, and body care, creating a complete product matrix [4] Brand Culture and Social Responsibility - The brand is influenced by the wisdom of the Naxi ethnic group's herbal medicine, integrating respect for nature, scientific principles, and social responsibility into its core values [5] - DR PLANT actively engages in biodiversity protection and promotes the cultural concept of harmony between humans and nature [5] - The brand has been recognized as a "global leader in single-brand skincare stores" for three consecutive years, highlighting its leading position in the global single-brand store market [5] International Expansion - DR PLANT is steadily advancing its international presence, with a flagship store opening in Bangkok, Thailand, marking its entry into the fourth overseas market [6] - The brand aims to promote the vision of "the world loving Chinese cosmetics" through product offerings, store designs, and cultural exports [6] - The IPO process is seen as a milestone for the company and a potential turning point for the Chinese cosmetics industry, shifting from a marketing-driven approach to a dual-driven model of technology and brand [6]

Group 1 - Xiamen Xishi Cosmetics Co., Ltd. has been established with a registered capital of 50,000 RMB [1] - The legal representative of the company is Chen Sihao [1] - The business scope includes retail and wholesale of cosmetics, IoT technology research and development, and various consulting services [1] Group 2 - The company is involved in the sale of personal hygiene products, daily necessities, and home goods [1] - It also engages in the wholesale and retail of medical protective supplies and disposable medical products [1] - Additional services include advertising production, professional design services, and digital content production [1]

天眼查App显示，近日，芜湖果派化妆品有限公司成立，法定代表人为方燕燕，注册资本3万人民币， 经营范围为一般项目：化妆品零售；化妆品批发；网络技术服务；物联网技术服务；信息技术咨询服 务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；个人卫生用品销售；互联网销 售（除销售需要许可的商品）；美发饰品销售；日用杂品销售；文具用品零售；文具用品批发；办公用 品销售；体育用品及器材零售；服装服饰零售；卫生用品和一次性使用医疗用品销售；日用百货销售； 日用家电零售；日用品销售；户外用品销售（除许可业务外，可自主依法经营法律法规非禁止或限制的 项目）。 ...